The 2nd China International Consumer Products Expo venue in Haikou, South China's Hainan Province. Photo: VCG

The second China International Consumer Products Expo (CICPE) is scheduled to be held from July 25-30 in Haikou city, South China's Hainan Province. With over 600 new products from across the world making their debut at the expo, it is expected to reinvigorate consumption, officials said on Wednesday.

The CICPE has set up an exhibition area of 100,000 square meters, 20,000 square meters larger than the first expo. The international exhibition area is 80,000 square meters, with more than 1,600 brands from 61 countries and regions participating, Ni Qiang, vice governor of Hainan Province, said at a press conference.

Adding more than 1,200 domestic brands, a total of 2,800 brands from across the world are attending the trade show, according to Ni.

Introducing new products is one of the themes for the CICPE, and it is going to witness the debut of more than 600 new products from more than 200 brands from across the world.

By attracting over 2,800 brands from both China and overseas, the CICPE will effectively promote China's "dual circulation" economic development strategy. It helps to better connect domestic and international markets and promote efficient allocation of goods, services and other resources, Vice Minister of Commerce Sheng Qiuping said at the press breifing.

China's consumption is on a recovery track, with strong resilience and huge potential. The fundamentals of the consumption sector remain positive in the long run, and the growing trend of Chinese people's consumption has not changed, Sheng said.

China is at a key phase of consumption upgrading, with its consumer goods production in need of better connections with global supply chains, Bai Ming, deputy director of the international market research institute at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Wednesday.

The holding of the expo is also in line with the establishment of the Hainan Free Trade Port. A free trade port system focusing on trade and investment liberalization and facilitation will be basically established in Hainan by 2025, Bai noted.

China will step up efforts to accelerate imports of quality consumer goods with more tax cuts, trade facilitation improvement, better organization of trade expos and the enhanced development of cross-border e-commerce, said Xu Xingfeng, an official from the Department of Market Operation and Consumption Promotion of the Ministry of Commerce.

China's imports of consumer goods totaled 1.73 trillion yuan ($256 billion) in 2021, up 9.9 percent year-on-year, accounting for 10 percent of the nation's overall imports, official data showed.

Global Times